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Reuters has a report on Australian wave power company Carnegie Corp and the vast potential for wave power in southern Australia - Aussie firm sees buoyant future in wave power. For millennia, Australia's rugged southern coast has been carved by the relentless action of waves crashing ashore. The same wave energy could soon be harnessed to power towns and cities and trim Australia's carbon emissions. "Waves are already concentrated solar energy," says Michael Ottaviano, who leads a Western Australian firm developing a method to turn wave power into electricity. "The earth has been heated by the Sun, creating wind, which created the swells," he told Reuters from Perth, saying wave power had the potential to supply all of Australia's needs many times over.